- Whale activity for Litecoin increased by 25% in early September, with over 1,100 daily transactions exceeding $100,000.
- Litecoin’s social dominance spiked from 0.3% to 2.9%, reflecting growing online interest and community engagement.
According to Santiment data, whale activity on Litecoin (LTC) has increased significantly since late August. Whales, or large-scale investors who make huge trades, have become increasingly interested in the 19th-ranked cryptocurrency by market cap.
⚡️ Litecoin is seeing a consistently higher level of whale activity than usual since late August. On top of this, the level of discussions toward the 19th ranked market cap OG asset has erupted in a big way. Whether or not you are a fan of LTC, this is worth keeping an eye on. pic.twitter.com/qmxUu2dxBI
— Santiment (@santimentfeed) September 7, 2024
Whale Activity and Social Buzz Around Litecoin Surge Significantly
According to Santiment, these whales, particularly those that conduct transactions surpassing $100,000, have increased their activities.
By early September, the number of daily whale transactions had increased by more than 25%, from roughly 800 in late August to around 1,100 each day. This significant increase reflects rising interest and activity among high-value investors.
Accompanying this boom in whale activity is a surprising increase in Litecoin-related discussions on social media platforms. Santiment also observed that Litecoin’s social dominance, which measures the degree of online talk about an asset, has increased dramatically.
It went from less than 0.3% to roughly 2.9%, indicating increased community interest and conversations. This increase in social discourse indicates a rising acknowledgment of Litecoin’s significance in the cryptocurrency industry, as more investors and fans turn their attention to the asset.
At the time of writing, LTC is trading at $60.81, down 1.99% over the last 24 hours. The cryptocurrency has a daily trading volume of over $270.97 million. Despite the short-term slump, analysts believe that current whale activity and social media debates may portend a bullish reversal in the near future.
[mcrypto id=”435419″]Meanwhile, small traders are displaying symptoms of impatience. According to CNF, many of these traders appear to be abandoning up, which could ironically herald a positive reversal for Litecoin.
Historically, rising impatience among small investors has occasionally coincided with good price moves for larger holdings, who use the dip to grow their stakes.
Furthermore, as we previously reported, on-chain activity for Litecoin remains high. Over 412 million LTC tokens were transferred in one week, demonstrating tremendous network participation.
This on-chain movement shows that, despite the recent price drop, there is still significant network activity supporting Litecoin’s infrastructure and usability.
